Truist lowered the firm’s price target on Reddit (RDDT) to $260 from $275 but keeps a Buy rating on the shares. Reddit is the fastest growing ad platform and one of the most profitable within the firm’s coverage universe while also serving as the most highly sourced reference for ChatGPT and Gemini, and with the stock down 40% year-to-date, its valuation is compelling, the analyst tells investors in a research note. Truist further notes it is positive on Reddit’s pace of user growth and engagement post Google’s (GOOGL) latest algo changes in March, and the potential for AI disintermediation.
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